Non Fungible News: Your weekly take on what occurred on the blockchain

February 17, 2022

Meta Open Arts Announce New Partnerships

Earlier this week Meta Open Arts, formerly known as Facebook Open Arts, announced new partnerships in anticipation of this weekend’s Frieze LA fair. The partnerships have been reported as being with the Institute of Contemporary Art, The New Museum, Park Avenue Armory, and the Pavilion of the African Diaspora.

What is Meta Open Art? Open Art was a department created by Facebook to commission local and emerging artists to design spaces around the Meta Campus. It was also intended to bring a better understanding and insights into the art world to the employees.

Along with the design, artists working with Meta Open Arts were able to collaborate with product teams on all platforms under the Meta umbrella (Facebook, Instagram, etc.). (Artnet)

A Digital Declaration of Love: The Kiss NFT drop

This past Valentine’s day the Belvedere museum, the owner of the largest collection of Gustav Klimt paintings had recently partnered with investment fund artèQ to create and launch an NFT of the signature painting The Kiss.

The NFT was released on Valentine’s day, very fitting. The digital copy of the painting was divided into a 100 by 100 grid, then those 10,000 pieces were offered as NFTs. The cost for each is $2100 or 0.65 ETH. This would mean the total value of the NFT painting would be at $21 million.

As of Thursday however, only about 1700 shares have been sold. Leaving around 80% available for purchase. So if you forgot the roses and chocolates on Monday there is still time to gift a belated Valentine’s day token (cough, cough). (Cointelegraph)

Death Row Records To Start Producing NFTs

Music Label, Death Row Records may become the first major music label to be producing NFT’s according to a comment made by rapper, Snoop Dog, on the social media platform, Clubhouse on the 15th.

Snoop Dog acquired ownership of the label on February 10th, days before performing for the Super Bowl Halftime Show. The rapper and music mogul although fairly new to crypto and NFTs had still acquired an impressive collection that is allegedly valued at upwards of 7 million dollars.

“Death Row will be an NFT label, we will be putting out artists through the metaverse and a whole ‘nother chain of music” the rapper stated in the clubhouse recording.  (coin desk)

Florida Woman Purchases Home Through an NFT Sale

The sale of a Florida home is making headlines by being sold through a new online platform as an NFT. The home sold for 210 ETH, the USD equivalent of $653,000 through a contentious bidding war between two possible buyers. The home itself is a five-bedroom, three-and-a-half-bath house outside of the Tampa area.  

From examining the website, Propy is a real estate company that wants to simplify and eliminate fraudulent transactions, they do this by operating entirely on the blockchain.

The process is far from standard procedure. The home needed transfer of ownership into an LLC making the process instantaneous. Along with that, Propy had devised a way to make the usual due diligence of purchasing a home in a simplified manner. So the inspection, title report, and title search are all done before the auction. Then those who signed up can do an open house and review documents before placing a bid. (Fortune)

Also In The Ether…

  • Los-Angeles based collector Jason Li has launched a new NFT Platform called Outland. The first project of the platform is a commissioned NFT from Chinese painter Fang Lijun this week.
  • Portion, a global blockchain-based auction house has just made a big move into it – buying up a large plot of prime virtual land for roughly US $1.2 million.
  • Probably the coolest thing I’ve heard all week is the crypto coven, a collection of witch NFTs generating over $20 million in sales.

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